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1. Based on historical data, you have estimated the following probability distributions for the returns on two individual securities (SMALL and BIG) and the value-weighted market portfolio:

StateprobabilitySmallBigMarket

Expansion0.3025%8%12%
Normal0.515%6%10%
Recession0.200%2%3%

a) Calculate the expected return and standard deviation of return for Small, Big and the market portfolio b) Calculate the covariance between Small and Big; between Small and the market, and between Big and the market. c) Calculate the expected return and standard deviation of return for a portfolio that consists of ½ Big and ½ Small. d) Calculate the expected return and standard deviation of return for a portfolio that consists of 3/4 Big and 1/4 Small. e) Compare the five investment opportunities: the two portfolios in c) and d), the individual securities Small and Big, and the market portfolio. Without performing any calculations, can you recommend buying (or not buying) any of these investments?

2. The investment opportunity set above has been enhanced by the inclusion of a risk-free investment that pays 1%. Does access to this asset change your answer to 1e) above? Feel free to use calculations.

3. What is the beta of Small in the problem above? What is the beta of Big? If the CAPM is true, is Small in equilibrium, is it undervalued or is it overvalued? What about Big? You may continue to assume that the risk-free rate is 1%.

4. Download the spreadsheet labeled “Homework 3 Problem 4 Spreadsheet” from the course website. There are three columns of data: a monthly date, a closing price for an individual stock, and the market close.

a) Calculate a monthly return series from the closing monthly prices of both the market and the individual security. b) Calculate the arithmetic mean return and the standard deviation of the monthly return for both series. c) Calculate the...

...MANAGERIAL ECONOMICS Instructor: Dr. Mehmet A. Soytas Homework Assignment 2 Due Date: 16.11.2011 Question 1: The slope of the budget constraint is given as the ratio of the relative prices of the two goods. Therefore, a proportional change in the prices does not a¤ect the slope. Given that the price ratio remains same, individual chooses a new bundle just proportionally increasing (decreasing) the amounts of each good purchased at the previous prices if the prices decrease (increase). Do you agree with the above statement? Please explain your reasoning (with graphical representation if necessary). Question 2: A very important result we obtained during the lecture is the following: M RS = Why is this condition so important? Question 3 Suppose you observe three people in the market. Each chooses di¤erent combinations of the bundles formed of goods F and C as follows: Individual 1 chooses (5,5) with a budget 100. Individual 2 chooses (7,2) with a budget 80. Individual 3 chooses (6,6) with a budget 120. You have the following functions which characterize the individuals preferences Ui = ai F + 2i C i = 1; 2; 3 PF PC
a) You are given the information that the utility individual 1 gets from consuming her bundle is 20. What can you say about the coe¢ cients of the model, a1 , a2 , a3 ? b) What about the utilities of individual 2 and 3? c) Suppose you are not given the information in a (the utility of individual 1), but the information that price of F is twice the price of C....

...GOVAN’S CATERING SUPPLIES
1.
Comment on the performance of the company.
2.
Why has this profitable company had to borrow so much money from the bank?
3.
What overdraft would Govan expect to have if he continues with “business as
usual”?
4.
Should Govan take advantage of the 2½% settlement terms offered by his
suppliers? Explain.
5.
As Govan's financial adviser, would you encourage him to go ahead or
reconsider his anticipated expansion and his plans for its financing? What
should he do?
6.
As his banker would you approve his loan request? If so, would you put any
conditions on the loan?
7.
(Optional extra question…) Estimate a selling price for the business.
GOVAN’S CATERING SUPPLIES
After a rapid growth in its business during recent years, at the start of 2012, Govan’s
Catering Supplies anticipated a further substantial increase in sales. Despite good
profits, which were largely retained in the business, the company had experienced a
shortage of cash and had found it necessary to increase its borrowing from the
Capitec Bank to R1.73m in early 2012. The maximum loan that Capitec would make
to any one borrower was R1.75m, and Govan’s had been able to stay within this limit
only by relying very heavily on trade credit. Mr Govan Moodley, sole owner of Govan’s
Catering Supplies, was therefore actively looking elsewhere for a new banking
relationship where he would be able to negotiate a larger loan.
Govan had recently...

... King’s major course of action throughout all of his work was nonviolence, and he was awarded The Nobel Peace Prize for his work. The war itself was a betrayal of America’s moral obligation, heightened by media portrayals of what is just for our nation. King expressed that our spirit continues to diminish as we diminish humanity across the world. His motive was for our populace to stop thinking in terms of our nations as a singular body, but to think of our nation as a model “that embraces the brotherhood of man" (King, 1967).
He required Americans to see the Vietnamese as our brothers and sisters and gave insight on the experience of the Vietnamese as people not enemies. King spoke of our complete funding handed to the French so they may advance in control of these people. “He proclaimed that America is a victim of Western arrogance for rejecting the revolutionary government seeking self determination in Vietnam” (Spence, 2009). King told us their story of devastation. He described our destruction of their resources. War efforts contributed to the loss of crops, tainted water supplies, and the demoralized the Vietnamese people in their efforts for survival during a time of great suffering (Spence, 2009).
King made it clear that the destruction of the Vietnamese culture was intertwined with the destruction of our own culture. He proclaimed that our troops were sent on a false precedence that only furthered agendas of our nations...

...Country Membership notes
China
France
Russia
United States
united kingdom
Ban Ki-moon (Hangul: 반기문; born 13 June 1944) is the eighth and current Secretary-General of the United Nations,
after succeeding Kofi Annan in 2007. Before becoming Secretary-General,
Ban was a career diplomat in South Korea's Ministry of Foreign Affairs and in the United Nations.
He entered diplomatic service the year he graduated from university, accepting his first post in New Delhi, India.
In the foreign ministry he established a reputation for modesty and competence.
In practice, the veto can be absolute, as for instance in the United Nations Security Council,
whose permanent members (China, the United Kingdom, France, Russia, and the United States of America)
can block any resolution. Or, it can be limited, as in the legislative process of the United States,
where a two-thirds vote in both the House and Senate may override a Presidential veto of legislation.[1]
A veto gives power, possibly unlimited, to stop changes, but not to adopt them.
The influence that the veto conveys to its holder is therefore directly proportional to the holder's conservatism,
broadly defined. The more the holder of a veto supports the status quo, the more useful the veto.
US general assembly
The United Nations General Assembly (UNGA/GA) is one of the five principal organs of the United Nations and the only one in which all member nations have equal...

...﻿Bir Darbeci Subayın Anıları
Çelikoğlu, Adnan, and Ergin Konuksever. Bir darbeci subayın anıları: 27 Mayıs öncesi ve sonrası. Vol. 3116. YKY, 2010.
Information about the author of the book:
Adnan ÇELİKOĞLU was born on 17 May 1919 in İzmir Seferihisar. The day which he was born is the 3rd day of the Greeks' Izmir occupation. Therefore, he met with poverty and difficult living conditions at a very young age. During his primary education he took military discipline and he entered the Turkish Military Academy in 1940. He was a revolutionary officer. He married with Mrs. Ulviye in 1944. He had a son and a daughter from this marriage. In 1957, he started to work in Ministry of National Defense as an adjutant. After the 27 May 1960 military intervention, he excluded from the National Unity Committee because of his close relations with Democratic Party. Then he became major of Istanbul. He was arrested on 22 February 1962 because of the coup attempt. After staying 6 months in prison, he was acquitted of all charges. He retired with the rank of colonel. He started to interested within trade. He died on 27 April 2002 in İzmir.
Review of the book:
Bir Darbeci Subayın Anıları is an autobiography. The writer of book Adnan ÇELİKOĞLU gives many clues about Turkish recent history in his autobiography. For example, when he started to mention about his military memories like; “Şimdi geriye bakıp düşündüğümde, bu insanların hepsinde bulunan...